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Korea’s foreigner-only casinos began the year on a high note with a strong performance driven by a strong increase in the number of Chinese and Japanese tourists. Together, the combined Korean casino operators Paradise, Lotte Tour Development, and Grand Korea Leisure (GKL) reported a combined figure of KRW334.1 billion in net sales for January and February. This figure reflects a 27% increase over the same period the previous year. The combined figure for the amount dropped, which players trade for chips to bet with, rose over 10% to reach KRW2.1944 trillion.
Strong Results for Korea’s Major Casino Operators
The numbers reflect a healthy start despite seasonal swings. Higher drop typically signals more players hitting the tables and machines, with final revenue hinging on hold rates. The major casino operators in Korea reported strong results for January and February. Paradise reported the highest figure for the combined casino operators at KRW181.2 billion. This reflects a 26.1% increase over the previous year’s figure of KRW143.7 billion. The drop figure at Paradise rose 5.7% to reach KRW1.1682 trillion.
Lotte Tour Development reported the highest percentage increase at 50.4%, raising its casino net sales to KRW78.2 billion from the previous year’s figure of KRW52 billion. The drop at the casino rose 43.3% to reach KRW434.5 billion from the previous year’s figure of KRW303.1 billion. GKL reported a figure of KRW74.7 billion in casino net sales, reflecting a 11.8% increase over the previous year’s figure of KRW66.8 billion. The drop figure rose 12.1% to reach KRW591.7 billion from the previous year’s figure of KRW527.9 billion.
Tourist Recovery Drives the Upswing
Industry sources pin the gains squarely on rebounding inbound travel. Korea Tourism Organization data shows January foreign visitors hit 1,265,658, up 13.3% year-on-year and reaching 114.6% of pre-COVID January 2019 levels. Chinese led at 418,703, followed by 225,351 Japanese, recovering to 106.6% and 109.1% of 2019 figures, respectively.
Jeju felt the China boost most acutely, thanks to visa-free group travel and more direct flights from big cities. Lotte Tour’s Jeju Dream Tower casino drew 96,966 visitors in January-February, up 40.6% from last year. Paradise’s Jeju Grand Casino net sales climbed 30.1% to 5 billion won over the period.
Shift From VIP to Mass Market Play
Casinos have historically leaned on VIP clients, but general tourists now make up a fast-growing share. An industry figure noted that rising Korea travel is spilling over into more casino visits from everyday inbound guests. Operators are adapting by beefing up mass-market infrastructure to capture the shift.
Paradise recently snapped up the Grand Hyatt Incheon hotel near its Paradise City resort on Yeongjong Island, adding rooms to handle volume. Casinos drive 70%-80% of Paradise City’s sales, so the move aims to funnel mass players to the Hyatt while reserving VIP comps for the main building. That dual approach strengthens both high-roller draw and everyday capacity.
Analyst Outlook Points to More Growth
Kiwoom Securities analyst Park Jeong-hyeon sees a supportive backdrop from the weak won and Japan’s travel limits, keeping conditions favourable. He expects sharper earnings jumps starting in Q2 as tourism demand firms further. The early-year numbers back that view, with Chinese and Japanese inflows pushing drop and sales well above last year’s pace.
For Jeju-focused Lotte Tour, the visitor spike at Dream Tower reinforces the island’s pull for group travel. GKL’s steady gains in Seoul and Busan show urban casinos benefiting too. As mass play swells, operators like Paradise position extra hotel space to keep momentum without crowding out VIP business. The tourist rebound, paired with currency tailwinds, sets up Korea’s casino sector for what could be its best run in years.
Source: Chosun
